About To Hit Rock Bottom.....

iVillage Member
Registered: 02-24-2005
About To Hit Rock Bottom.....
29
Tue, 08-02-2005 - 12:17pm

Hi Ladies~


Its been quite some time since I've checked in...sorry about that.

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iVillage Member
Registered: 08-19-2003
Tue, 08-02-2005 - 1:35pm

"I have thought about a personal loan to consolidate them...it would not save me a whole lot of money a month but it would be easier to manage the debt."

I don't think you can do better then 0% but I would feel much better about you getting a consolidation loan that putting your home on the line yet again.

I started in June with 7 seperate cc/debt payments. As of Friday I have 2.

You can do it, and at 0% would be great. Some people have paid off enormous debts at 15-22% interest.

Shannon

Shannon


Pregnancy%20ticker
iVillage Member
Registered: 02-24-2005
Tue, 08-02-2005 - 1:42pm

Shannon~


Starting looking at that site thanks!

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iVillage Member
Registered: 02-24-2005
Tue, 08-02-2005 - 1:44pm
May I be so bold as to ask this:
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iVillage Member
Registered: 08-19-2003
Tue, 08-02-2005 - 1:46pm

"I dont want to take the 401k money and screw up our retirement too!!"

I would rather see you do this then refinance your home to interest only!

"I am sure a part time job would be a good thing to look into....I just hate the idea that it means time away from hubby......"

Its only temporary.. The harder you work the faster you will pay off your debt, and the sooner you will be spending your time together again, without the stress of debt...

Is'nt there a saying "Absense makes the heart grow fonder." or something like that?

SHannon

Shannon


Pregnancy%20ticker
iVillage Member
Registered: 08-19-2003
Tue, 08-02-2005 - 1:53pm

Kim,

I don't mind you asking. Maybe you can get some ideas.

We got serious. And I mean really serious! Very first step is we created a budget. Stopped eating out except for the the budgeted amount. I have been working a few extra hours, my husband has been working overtime. We sold one of the old trucks we owned. I have cut our grocery bill to $200 a month for 3 adults & 1 baby. I cancelled all the extras on our landline, gave up my expensive Nextel and got a cheap cell phone on my mothers plan.

Any extra I can come up with goes right on the debt. I started with the highest interest rate, and am plucking away at each one. After the debt is finished I am going to fully fund our retirement accounts, and then pluck away at the mortgage just like the cc debts. Eventually we will be completely debt free.

Shannon

Shannon


Pregnancy%20ticker
iVillage Member
Registered: 02-24-2005
Tue, 08-02-2005 - 1:54pm

Here is my budget, let me know what you think:







Spend $200



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iVillage Member
Registered: 02-24-2005
Tue, 08-02-2005 - 1:56pm

$200 a month for 4 adults and 1 baby!?!

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iVillage Member
Registered: 08-19-2003
Tue, 08-02-2005 - 2:03pm

Kim,

You have a lot of play room in your budget. Cut cable back to just the most basic. Get rid of XM radio. Get rid if the extras on your home phone.

I think you would be better off canceling the pet insurance and putting the $30 into your emergency fund. $300 a month for groceries is a lot for 2 adults. You can start planning your meals, maybe have vegetarian nights? I have 2 large dogs and do not spend $120 a month on dog food. We buy dog food at Walmart, they like it just as well as the Eukanuba I used to buy before I cared about our debt.

Whats included in the $800 a month spending budget?

Shannon

( I have to leave for awhile but will be back online when I get to work)

Shannon


Pregnancy%20ticker
iVillage Member
Registered: 08-19-2003
Tue, 08-02-2005 - 2:06pm

I do all our shopping at Aldi's, buy personal hygiene, paper products, diapers, some meat products in bulk at Bj's. If I do have to go to a regular grocery store, I only buy generic or use coupons if I can get the item cheaper then the generic version.

I only buy clothing on clearance and only when I need it.

Shannon

Shannon


Pregnancy%20ticker
iVillage Member
Registered: 02-24-2005
Tue, 08-02-2005 - 2:10pm

I cant get rid of the pet insurance, my dog gets sick a lot and it helps us out greatly.

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